Nigeria has been in the process of rebasing its economy several months ago. The public debt, estimated at 94.2 billion dollars, now represents 38.6% of the gross domestic product (GDP) in 2024

Nigeria's GDP stood at 372,822 billion naira ($243.5 billion) in 2024 at current prices, with a new calculation method using 2019 as a reference year. According to data published on Monday, July 21, 2025 by the National Bureau of Statistics (NBS), the size of the Nigerian economy grew from 187 billion dollars in 2024 (according to the IMF) to 243 billion. The NBS estimates that “in nominal terms, the rebased GDP was 205,000 billion naira in 2019, 213,630 billion in 2020, 243.3 trillion in 2021, 274,230 billion naira in 2022, 314,020 billion naira in 2022, 314,020 billion naira in 2023, and 372,820 billion naira in 2024. This revision represents a 41.7% increase in nominal estimates

Initially estimated at around 50% of GDP, Nigerian public debt is therefore falling below the maximum target of 40% set by the government, while remaining within the limits of 55% recommended by the Bretton Woods institutions. In 2024, external debt is estimated at 18.8% of GDP, while domestic debt reached 19.9%